Harworth Group has entered into a joint venture with the Lancashire County Pension Fund to develop the next phase of its Logistics North development in Bolton, Greater Manchester.
The joint venture, known as the Multiply Logistics North Limited Partnership, will deliver 10 commercial units of 564,000 sq ft across 31.2 acres. The land will be sold to, and then developed by, Multiply Logistics North.
Logistics North is the North West of England’s largest live commercial development, with consent in place to deliver 4m sq ft of commercial space over 250 acres next to junction 4 of the M61.
The LCPF will fund 80% of the acquisition and the development, with Harworth funding the remainder and undertaking the development and management of the assets.
Ian Ball, executive director at Harworth Group, said: “This deal both crystallises our land value and provides further income-producing opportunities for the business, providing high quality industrial and logistics space in a region with a scarce existing supply.”
The Lancashire Country Pension Fund was advised by the Local Pension Partnership and Knight Frank Investment Management, whilst Harworth was jointly advised by JLL and B8 Real Estate.
To send feedback, e-mail alex.peace@egi.co.uk or tweet @egalexpeace or @estatesgazette
